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Bitcoin Cash Market Overview: BCH/USD Bulls are on a warpath

FX Street
Updated:
  • BCH/USD went up from $404 to $443.50.
  • Bulls are aiming for $500.

After trending between $375 and $400 in the closing hours of Wednesday, the bulls took over the market and surged the price up to $443.50 from $404 within two hours. This is the highest that BCH/USD has been priced at since November 2018. The bulls are aiming to breach the $500-level.  

BCH/USD Daily Chart

  • The price is currently trending upwards in a channel formation.
  • The Ichimoku indicator hints at an upcoming bearish correction.
  • The market is trending above the SMA 200, SMA 50, and SMA 20 curves.
  • On the upside, the nearest resistance level lies at $470.
  • The signal line is diverging away from the MACD line, showing increasing bullish momentum.
  • The Elliot wave oscillator shows six consecutive bullish sessions of increasing intensity.
  • The relative strength index (RSI) indicator is in the overbought zone and is currently trending at 85.70.
     

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